Winklevoss Twins Shall Hold On To Their Bitcoin Corpus Even After Its Price Crosses $380,000
Winklevoss twins, the charming Harvard pass outs came into the limelight when they accused Mark Zuckerberg for stealing their idea of Facebook – the ultimate social media magnet. Cameron and Tyler Winklevoss who have been hogging the limelight lately given their association with Bitcoins revealed that they remain optimistic about their investment and expect it to reach record heights within the coming decades.
When Facebook evolved as a global phenomenon back in 2012, the Winklevoss twins opted for a settlement worth $45 million in the company’s shares from the CEO and founder of Facebook, Mark Zuckerberg along with $20 Million in cash making it a total of $65 million. It is imperative to note that the twin’s lawyers had recommended them to opt for a cash deal but the twins decided to stick to their decision of swinging in favour of company shares which had helped the twins accumulate corpus worth $300 million within 2013 as the share price of Facebook reached meteoric heights.
Following the successful parting of ways from Facebook, the twins started zeroing on Bitcoin as a lucrative investment vehicle. They started filling up their kitty with the virtual tokens starting from a time when the price of the same was as low as $10. At this time, only a handful of other investors like Charlie Shrem and Roger Ver had opted for bitcoin as an investment medium. Within just a few months, the twins had purchased a total of 120000 bitcoins worth $11 millions. Coming back to 2017, the holding of Winklevoss twins is worth a gigantic $1.68 billion. The timely move of the twins paired with their sheer luck had helped them bag a magnanimous profit of $1,669 billion within just four years. The market capitalisation of bitcoin had already reached the $260 billion ( at the time publishing this article)
mark causing various market analysts to predict that its growth shall soon be stalled. The Winklevoss twins however are expectant of the price of bitcoin rising exponentially in the years to come as it slowly evolves into a robust store of value, major asset class and popular medium of exchange. This was revealed by the twins to Nathaniel Poppers of the New York Times. Cameron and Tyler feels that they will be able to find a ready market for selling off bitcoin even after its price crosses over the $380950 threshold or $8 trillion market cap of the yellow metal.
Tyler also voiced his open support in favour of the cryptocurrency when compared to gold since it is programmable as money and also brings along a bevy of advantages to the table in comparison to traditional assets like fungibility, transportability, divisibility and security. Tyler was quoted as telling the New York Times in an interview that, “in a funny way, I’m not sure we’d even sell there [when bitcoin price surpasses $380,950]. Bitcoin is more than gold — it’s a programmable store of money. It may continue to innovate.”
He also added that the twins have entered into the crypto game with a long-term perspective. Thus, the temporary phases of volatility shall not affect the twins who are firm believers of the blockchain technology fuelling the bitcoin architecture. “We are very comfortable in very high-risk environments with absolutely no guarantee of success. I don’t mean existing in that environment for days, weeks or months. I mean year after year.”
And if you think that this dynamic duo seems contented with their bitcoin investment then we would love to enlighten you about Gemini – one of the most popular crypto exchange operated by the twins which have attained the numero uno position in global markets. Regulated in its totality by the US government, the Gemini exchange has served casual investors and professional traders belonging to the US market thus accounting for a lion’s share of the USD-to-BTC trading pair. Ari Paul, a crypto analysis stalwart and the co-founder of Blocktower, a cryptocurrency hedge fund feels that Gemini is an underappreciated exchange. It remains as one of the very US based exchanges which has been holding its investors trust in spite of lacking the user base and trading volume of peer exchanges such as GDAX and Coinbase. Paul was quoted as saying that, “Gemini is an underappreciated exchange, one of the few exchanges I trust as a custodian.”
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.